Synergy Pharmaceuticals (SGYP) Stock Slides Despite FDA Updates
NEW YORK (TheStreet) -- Shares of Synergy Pharmaceuticals (SGYP) - Get Reportare dropping 7.31% to $3.55 this afternoon despite a positive update on the company's ongoing FDA review of a new drug application for plecanatide in chronic idiopathic constipation.
The company expects the new drug application to be approved by the FDA on January 29, 2017. CEO Gary Jacob is confident plecanatide will "continue to deliver outstanding clinical results."
"Our first priority is to ensure high quality trials that reflect our rigorous standards and expectations," Jacob said in a company statement.
"We remain optimistic about the potential approval of plecanatide in CIC [chronic idiopathic constipation]," Jacob added.
Synergy Pharmaceuticals is a New York-based biopharmaceuticals company.